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Fraud Updates
PCB News
Fraud Updates 2005
8 November
It was reported earlier today that credit card fraud figures for the first half of 2005 are in decline showing a 31% drop in counterfeit card fraud to £46million and another sharp drop of 27% in lost and stolen card figures, to £44million.
However, these figures may be somewhat misleading in that online based credit card fraud has increased by an astounding 29% to £91million compared to the same period last year. These latest figures indicate a trend toward fraud migration from traditional methods to more advanced and complicated online scams. Credit card details are being more commonly stolen directly from databases through hacking methods rather than wallet thefts and online purchases made rather than purchases where physical signature or pin authorisation is required. Consumers should be vigilant of their banking accounts at all times, reporting any unauthorised transactions to their bank or payment clearing office immediately.
It is also essential that those who store data, whether they be banks, credit card companies and the like, take all necessary steps to protect that data if they are to avoid facing claims for damages.
| December 2005 | October 2005 |